Investing in secondaries can be a beneficial way to access the private markets, occasionally at a discount. Yet, as the market is seeing rapid evolution with new entrants, there could be more specialization amongst the distinct types of secondary funds. So, is there a way to navigate this? Recognizing the traits across both GP- and LP-led secondary categories is a crucial part of determining potential returns and incorporating these funds within a portfolio. Secondary funds are an appealing pathway to invest in the private markets.